Foreign Trade Policy launched, aims US$2 tn exports by 2030

To achieve US$2 trillion exports by 2030, the Union government launched Foreign Trade Policy 2023, effective April 1. Unveiling the new policy, Union Commerce Minister Piyush Goyal said the highly dynamic nature of global markets requires quick policy response. “The policy will continue to adopt consultative approach to resolve issues of trade and industry with wider participation of states and districts in promoting exports from the grassroots.” It will promote trade settlements in Indian Rupee and adhere to the global principle that duties should not be exported. The current FTP 2015-20, which expired on 31 March 2023 after having been extended many times on the industry’s demands. The new trade policy would take forward the government’s ongoing efforts to boost exports, Goyal said.